Protective Life Insurance Review [2024]

Protective Life Insurance is a subsidiary of Protective Life Corporation, based in Birmingham, Alabama. Founded in 1907, it made its very first death claim in 1909. Today, Protective Life’s employees number over 3,000, its assets surpass $100 billion, and annual revenues bring in $6 billion.

In addition to selling term and permanent life insurance and annuities, the company is prominently displayed on Protective Stadium, the 47,000-seat home of the NCAA Division I University of Alabama at Birmingham Blazers, which Protective Life was instrumental in helping construct. Is protective life insurance good? Read this Protective life insurance review to learn more.

What You Should Know About Protective Insurance Company

Protective Life Insurance company is a subsidiary of Protective Life Corporation based in Birmingham, AL. This financial services company owns other insurance subsidiaries across the U.S., from California to New Hampshire. As a result, people in every U.S. state can purchase life insurance from Protective Life.

The company’s customer service contact number is 1 (800) 866-9933. Protective Life Corporation headquarters is at 2801 US-280, Birmingham, AL 35223.

Protective Life Insurance Ratings

Protective Life Insurance is rated “A+,” the 2nd highest rating by A.M. Best. It also scores high with Standard and Poor’s, Fitch, and Moody’s.

Protective Life Corporation’s other insurance subsidiaries also score highly, further

demonstrating their place in the insurance market as a regional insurance powerhouse.

Protective Life Insurance Customer Reviews

The number of consumer complaints that various insurers receive is tracked by the National Association of Insurance Commissioners (NAIC), which then uses that data to compile a complaint index.

A company that received more complaints than anticipated has a score above 1.0. On average, the complaint index for Protective Life was 0.79, indicating that the company received fewer complaints than other insurers its size.

Protective Life, however, performs below average in terms of overall customer satisfaction. According to J.D. Power’s U.S. Life Insurance Study, the company came in 16th place overall among 21 providers in terms of claims and coverage.

Although unaccredited by the Better Business Bureau (BBB), Protective Life receives an “A+.” As visible on the BBB website, Protective Life company representatives actively reply to customer complaints while promptly and transparently addressing disputes. (For more information, read our “How to File a Complaint Against a Life Insurance Company“).

Protective Insurance Company Insurance Coverage Options

Protective insurance offers the following types of life insurance — term life, permanent life, universal life, and variable and indexed universal life.

Your personal and financial needs will determine what kind of life insurance you need, so learn more about the types of Protect Life insurance below.

Term Life

This life insurance offers financial security for a predetermined period, often 10 to 40 years. Benefits range from $100,000 to $50,000,000 and are frequently used when you believe your family’s future insurance needs will decline. Calculate your term life insurance needs.

Unlike permanent life insurance, which is typically more expensive, term life doesn’t accrue cash value. Plan ahead for the conclusion of your coverage time because premiums may rise after your original coverage period expires.

Whole/Permanent Life

As long as you continue making your payments on time, permanent or whole life insurance has the advantage of lasting protection. Even while whole life insurance rates are more expensive than term life, permanent policies build cash value at a predetermined, stable rate.

Additionally, whole life insurance policies allow you to borrow against your cash value for upcoming expenses. However, keep in mind that unpaid loans would lower the policy’s cash value and death benefit amount. Learn more about permanent life insurance.

Universal Life

While whole life insurance and other traditional permanent life insurance policies share many of the same advantages, universal life insurance is more flexible. For example, it lets you adjust your premiums and coverage as your needs change.

This means that, depending on variables like the premium you have paid into the policy, its cash value, and any policy loans or withdrawals you may have made, you could increase, decrease, or even skip a payment. This can be a wise choice when financial needs change after retirement.

You can’t change the flat life insurance rates on a traditional whole life insurance policy, but you might be able to change your premiums for universal life insurance, depending on the kind of policy you buy.

With this extra flexibility, you can get the necessary life insurance coverage while having more control over several crucial aspects of your policy. Learn more about the differences between whole vs. universal life insurance.

Variable Universal Life

With variable universal life, a portion of your premium is distributed among the available investment possibilities based on your risk tolerance and objectives.

The flexibility to select different investment options, the potential for cash value growth, tax deferment, and higher risk distinguish variable universal life from other varieties of universal life. Compare the pros and cons of variable life insurance here.

Indexed Universal Life

Indexed universal life insurance (IUL) can be a good strategy for giving your loved ones the security of a permanent life insurance policy, as well as the chance to increase and safeguard its cash value.

IUL policy payments can generate interest and increase your policy’s cash value, just like premium payments made for other kinds of permanent life insurance. But what distinguishes IUL is how interest is added to your policy.

In addition to providing a traditional declared interest rate, IUL also provides the chance to earn interest tied to the performance of a particular choice of market indices, such as the S&P 500, Dow Jones Industrial Average, or Nasdaq-100.

Your cash value increases more quickly in good market conditions for the linked index. In contrast, if the index doesn’t perform well, your cash value will grow more slowly or not at all.

These funds grow tax-deferred and may be used to pay insurance premiums. As long as the minimum premium payment is made, you can reduce or even stop paying out-of-pocket premiums using the funds credited to the cash value of your IUL.

This is because borrowing against the policy’s cash value over time is also an option. With IUL, the policyholder chooses how much money will go into the fixed and indexed accounts.

The Bottom Line: Protective Life Insurance

Protective Life Insurance is a company worth checking out if you’re in the market for a term or whole life insurance policy. Protective Life ticks all the insurance industry boxes for a solid company — its complaint level is relatively low, and it offers some of the cheapest life insurance rates in the country.

Uniquely, Protective Life offers longer term life insurance (up to 40 years) at competitive rates. Start comparing Protective Life Insurance quotes today with our comparison tool below. Enter your ZIP code and compare the best companies.

Protective Insurance Company Insurance Rates Breakdown

Protective offers very affordable life insurance rates for policyholders 55 years or younger. Life insurance quotes go up as you get older, so it’s best to buy coverage before retirement age.

Use this table to understand the average term life insurance rates by age:

Average Monthly 20-Year Term Life Insurance Rates by Age and Gender

Protective either had the most affordable types of term life insurance or tied for the most affordable in each age group.

How do Protective Life Insurance quotes compare to competitors?

Protective Life provides several ways to affordably obtain a life insurance policy, regardless of age group or income level.

Life Insurance Monthly Rates & A.M. Best Ratings by Provider

Their other closest competitors in terms of price are Lincoln Insurance, American General, and Principal Insurance. Also, see how they compare to New York Life Insurance.

Read more: Guardian Life Insurance Review

Protective Insurance Company Discounts Available

Most life insurance companies don’t offer discounts, but Protective Life customers can take advantage of the following savings:

• Policy rider discount. Also known as special endorsements and policy riders, these elements can be used to strengthen a policy or address particular needs.
• First-to-die insurance discount. This offering simultaneously covers the lives of two people. The death benefit of the policy, which can be significant, is paid to the surviving party if one person passes away.
• Early-in-life buying discount. The younger you are when you buy a policy, the less expensive it will be.
• Healthy lifestyle discounts. Maintaining a healthy diet to manage blood pressure, cholesterol, and weight can lead to significant savings.

Discounts are sometimes referred to as riders depending on where you live and the company you choose. Always ask before buying a policy if you’re unsure of a discount.

Does Protective Life Insurance offer riders?

Life insurance riders provide additional protection for unique circumstances or can extend coverage to children or dependents.

Protective Life Insurance offers the following riders:

• Accidental Death Benefit Rider. Pays an additional amount if death occurs in an accident during the term
• Child Life Insurance Rider. Offers life insurance coverage under your policy to someone aged 18-25.
• Disability Rider. If, while insured, you become disabled, you can receive a portion of your benefit every month.
• Guaranteed Insurability Rider. The guaranteed insurability (GI) rider, available on some life insurance policies, enables you to add more coverage at predetermined future dates (subject to minimums and maximums) without having to undergo a medical exam or respond to health-related questions.
• Lapse Protection Rider. Protective provides a Lapse Protection rider so that the policy will not lapse even if there are periods of no or little cash value accumulation, even if the cash value is zero.
• Overloan Protection Rider. This rider guards you against lapse if you borrow or withdraw money from your life insurance policy and your surrender value is insufficient to pay the monthly premiums.
• Return of Premium Rider. This rider, which reimburses your premium payments if you outlive your term life insurance policy, is available for Protective’s term life insurance plans.
• Terminal Illness Accelerated Death Benefit Rider. This rider provides an accelerated death benefit in the event of a terminal diagnosis, allowing you to spend the funds for immediate expenses.
• Waiver of Premium Rider. If you become disabled and cannot work, Protective’s Waiver of Premium rider lets you stop paying insurance premiums temporarily. Your life insurance policy will still remain in effect.

These riders are intended to keep policyholders insured, even if a temporary loss of income or other stipulation might result in a lapse of coverage.

Overall, Protective Life insurance is a top pick for life insurance. Just be aware of the underlying assets on any variable universal life insurance policy and the cap on guaranteed asset protection riders.

How to File Protective Life Insurance Claims

Start a Protective Life insurance claim online with the policy number and the last name of the deceased. You will likely need a copy of the death certificate as well.

You can also start a claim by calling 1-800-424-1592.

Claim payments for life insurance and annuities are made after the company confirms that you are the legitimate beneficiary.